Tahoe and Reno Real Estate Market See Huge Upswings in 2009's Third Quarter
Posted by Katie Shaffer — October 5, 2009
Chase Third Quarter Report Shows Region’s Inventory is Quickly Depleting
LAKE TAHOE, Nev. (October 5, 2009) – The Lake Tahoe and Reno real estate markets are showing signs of recovery. Chase International’s third quarter report shows average and median prices still declining, but overall inventory is also being depleted at a very fast rate.
The Reno/Sparks area has seen the greatest increase in the number of units sold. Year to date, total units sold in Reno have increased 35 percent over last year, and in Sparks the increase has been 54 percent.
“These are extremely encouraging numbers for the overall health of the real estate market,” notes Sue Lowe, corporate vice president of Chase International. The numbers at Lake Tahoe have also seen an overall increase of 12 percent in the tally of single-family homes sold in 2009.
The increase in sales can be attributed to a number of factors, one of which is the fact that overall median prices are still going down. “We have not seen home prices in the Lake Tahoe and Reno areas at these levels since the early 2000s,” notes Lowe. “Now is a great time to be buying real estate.”
At Lake Tahoe, the median price of single-family homes has dropped 18 percent in 2009. In the Reno/Sparks area, the median price of single-family homes has declined 28 percent since 2008.
Incline Village on Lake Tahoe’s north shore remains the most expensive real estate in the region. The average price of homes sold in 2009 is still well above the $1 million mark, at $1.3 million.
The market has also seen a boost in condominium sales. In the Reno/Sparks area, total condo sales are up 64 percent over 2008. In the Tahoe area, condo sales have remained relatively flat with a slight decrease of six percent.
“Overall, we are very optimistic about the real estate market both in the Tahoe area and the Reno/Sparks region. This increase in sales activity has translated into less inventory available on the market, which we expect will help to stabilize home prices,” says Lowe.
Headquartered in Lake Tahoe, Nevada since 1986, with eight offices in the region (Zephyr Cove, Glenbrook, Incline Village, Tahoe City, Squaw Valley, Truckee, South Lake Tahoe and Reno) and one in London, England, Chase International and its exclusive affiliations handles a large share of the country’s property. A recognized leader in the world of real estate, Chase International has once again taken the reins of cutting edge technology by launching www.ChaseNation.com, the first interactive social networking website created by a real estate brokerage as a vehicle for direct interaction with consumers online.
With nearly 200 professional Realtors® boasting an array of industry certifications and the highest volume per sales agent in the area, Chase International successfully represents homes at all price levels. For more information about Chase International visit www.chaseinternational.com.